Home Insurers & Home Repairs

When thinking about home repairs and maintenance, have you ever considered working with your home insurer? The Wall Street Journal reported that home insurers are taking on a larger role in home maintenance and trying to prevent issues that they would need to pay for down the line.

Most of the companies that are taking this approach are speciality high-net insurers typically serving clients with at least $5 million net worth and $1 million or more in liquid assets. These insurers like Chubb, Pure, and AIG Private Client Group are sending out their risk-management specialists to examine clients’ properties and help the homeowners by securing contractors to make any upgrades or repairs that the insurer recommends.

Fire and water damage are two of the most common claims for insurers. Trying to prevent these issues, these insurers will conduct infrared thermal imaging assessments for clients at their home to possibly detect any electrical issues that would cause a fire or any water damage that would lead to flooding.

While this seems to be a trend with high-net insurers, it makes sense that the success of these practices will help other homeowner insurers adopt these methods. This would certainly result in lower premiums for homeowners and less claims for insurers - seems like a win win!